I am nearing exchange of contracts for my flat in Worcestershire and the estate agent has just e-mailed to advise that the purchasers are appointing a new law firm. The reason given is that the lender will only deal with property lawyers on their approved list. Why would a leading mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Worcestershire ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Our lawyer has discovered a a legal deficiency with the lease for the flat we are buying in Worcestershire. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. The appropriate lender provisions have to be complied with.
I own a freehold house in Worcestershire yet pay rent, why is this and what is this?
It is rare for properties in Worcestershire and has limited impact for conveyancing in Worcestershire but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Despite weeks of looking the Title Certificate and documents to my home are lost. The conveyancers who dealt with the conveyancing in Worcestershire 4 years ago are no longer around. Will I be able to sell the house?
You no longer need to have the physical deeds to establish that you are the owner of your registered land or premises, given that the Land Registry hold details of all registered land or property electronically.
I am looking for a ground for flat up to £195,000 and identified one close by in Worcestershire I like with open areas and transport links in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Worcestershire suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I have been advised by numerous friends that it may take 6-8 weeks for Worcestershire conveyancing to complete.This was 3 ago. The paperwork was only received from the vendors conveyancing practitioner yesterday so now does it countdown?
You should be pragmatic concerning timelines. Conveyancing in Worcestershire usually takes about two months. This time period is not due to property lawyer being slow and willfully delay matters. The amount of money involved in purchasing any property is so high, the buyer’s solicitor having to carry out a wide range of queries, searches and supplemental checks to protect the purchaser and their lender (if there is to be a home loan) from expensive, avoidable problems. Conveyancing in Worcestershire involves seeking information from an array of different parties, including other lawyer, local councils, private companies, building societies and banks. Many of these are efficient. Plenty aren't. It is worth noting that, it doesn't matter how quickly your conveyancing practitioner do their job, if the people you are buying from or are selling to aren't ready, nothing can go ahead until they are up to speed.